Famed Minskys late-night watering hole on market for $ 35m +

For the first time in two decades, Minskys pub, one of Sydney’s famed late-night drinking holes, where everyone gathered around the piano to sing with John Watson, is being put up for sale with a price guidance of around $ 35 million.

Given the lack of pubs along what is termed the Lower North Shore, Minskys was the place to gather and party on into the early hours.

Minskys Hotel and commercial suites in Cremorne on Sydney’s Lower North Shore is being sold with a price tag of about $ 35m

Under the deal, Redcape Hotel group is selling the freehold of the pub, retail suites and first floor commercial office suites, formerly known as the Metropole and now the Cremorne Plaza, and covers 3344 square meters on Military Road.

Redcape chief executive Dan Brady called Minskys a “meeting place” but said with the high demand for pubs, it was time to sell to a buyer that could take the asset into its next phase.

Redcape listed on the ASX in 2018, but was taken off the public register by a vote from shareholders in September 2021. It is managed by MA Financial, previously Moelis Australia.

“The opportunity for an incoming operator / investor to further optimize a large license footprint and have a more proactive entertainment lead business plan would see tremendous value add that given our scale we could not realize.”

Advisor to the sale, JLL hotels & hospitality group managing director John Musca, said the pub was underpinned by its gaming machines that have an estimated market value of nearly $ 13 million.

In addition, the rents generated by the adjoining shops and office space are up to $ 6,000 per square meter, which can unlock a further $ 10 million in value across the underlying real estate.

Redcape CEO Dan Brady said de-listing will be more efficient.

Redcape CEO Dan Brady said de-listing will be more efficient. Credit:James Brickwood

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